Glassnode

#Bitcoin recovers to $69K after sharp downside repricing. Positioning remains defensive across spot, derivatives, and on-chain metrics, with recovery dependent on renewed spot demand. Read more in this week’s Market Pulse👇 https://glassno.de/4bKIxHy

#Bitcoin's Yardstick has fallen to its lowest level on record, pushing valuation into an unprecedented zone. Conditions like this have rarely persisted, often marking periods where downside exhaustion meets long-term opportunity. 📉https://glassno.de/45NLi75

On Feb 04, Bitcoin’s Entity-Adjusted Realized Loss (7D-SMA) hit $889M per day, the highest daily loss realization since November 2022. 📉http://glassno.de/3Mq0ock

The #BTC capitulation metric has printed its second-largest spike in two years, highlighting a sharp escalation in forced selling. These stress events typically coincide with accelerated de-risking and elevated volatility as market participants reset positioning. https://glassno.de/3LSM2kJ

The Week On-Chain 5, 2026 The #BTC bear market rages on as profitability resets, realised losses rise, spot demand stays weak, and leverage unwinds. Options keep pricing elevated downside risk. Executive Summary - BTC has confirmed a decisive breakdown, with price slipping below key structural support levels and keeping market participants firmly on the defensive. - On-chain profitability has sharply deteriorated, with MVRV Z-Score compressing to its lowest level since Oct 2022, signalling a major reset in unrealised gains. - Realised losses are accelerating, with sustained sell pressure suggesting many holders are being forced to exit at a loss as downside momentum persists. - Spot volume remains structurally weak, reinforcing a demand vacuum where sell-side flows are not being met with meaningful absorption. - Futures markets have entered a forced deleveraging phase, with the largest long liquidation spikes of the drawdown amplifying volatility and downside continuation. - Demand from major allocators has softened materially, as ETF and treasury-linked netflows fade and fail to provide the consistent bid seen during prior expansion phases. Options markets continue to price elevated downside risk, with volatility staying bid and skew steepening as traders pay up for protection. - With leverage being flushed but spot demand still absent, the market remains vulnerable, and any relief rallies are likely to be corrective rather than trend-reversing. Read more in The Week On-Chain

Hyperliquid positioning tells a clear story: Traders are net short ~240 BTC. Entry heatmaps show shorts added from higher levels, plus fresh shorts opening around $75k and current prices. Meanwhile, long interest remains notably thin. 📉http://glassno.de/4avfCWF

The 3D-SMA of Net Realized Profit & Loss is now at –$317M/day, a regime last observed in December 2022. Loss realization has regained control, liquidity is fading, and patience is being tested. 📉http://glassno.de/4tjaTyH

#Bitcoin fell to $74K after losing the November lows, with 14D RSI deep in oversold. Spot volume rebounded, but looks reactive, signalling churn in downside continuation, not dip buying. Read more in this week’s Market Pulse👇 https://glassno.de/4a91tND

Looking at the cumulative Spent Volume by Long-Term Holders, LTHs have been spending >12K BTC per day on average over the past 30 days — equivalent to ~370K BTC per month. This highlights the scale of gross distribution activity, beyond what net metrics alone capture. 📉http://glassno.de/3Ob5dqo

The Week On-Chain 4, 2026 BTC is consolidating with muted volumes, as spot bid rebuilds slowly while options markets lean increasingly defensive. Executive Summary - Bitcoin remains pinned near key on-chain cost basis levels, where support is being tested, and conviction is required to prevent further structural weakness. - Short-Term Holder conditions remain fragile, with any failure to reclaim key breakeven bands keeping recent buyers vulnerable to renewed sell pressure. - Broader holder behaviour still leans defensive, suggesting this is a consolidation regime driven more by absorption than expansion. - Liquidity remains the deciding variable, as price stability has persisted despite reduced participation, but breakout continuation still needs demand follow-through. - Spot ETF flows are stabilising, with the 30D average drifting back toward neutral after sustained outflows, reducing mechanical sell pressure. - Spot CVD bias is improving across venues, led by Binance, indicating marginal buy pressure is returning, though Coinbase remains comparatively steady. - Perpetual futures leverage remains muted, with funding largely neutral and speculative positioning still cautious and easily shaken out. - Options markets are rotating toward downside protection, with bearish skew, elevated short-dated implied volatility, and dealer gamma slipping below zero, increasing downside sensitivity. Read more in The Week On-Chain

Any meaningful transition back toward a strong market rally should be reflected in liquidity-sensitive indicators such as the Realized Profit/Loss Ratio (90D-SMA). A sustained rise above ~5 has historically signalled a renewal of liquidity inflows into the market. 📉http://glassno.de/4rjg683

Ethereum network fees just hit their lowest level since May 2017. 📉http://glassno.de/4agE1PG

#BTC has pulled back toward $85K over the past week, with momentum softening. Spot volume remains stable but subdued, reinforcing a consolidation phase rather than a decisive trend move. Read more in this week’s Market Pulse👇 https://glassno.de/49RtNnr

The recent attempt to move above STH-cost basis ($98.4K) was capped by sell-side pressure from 3–6 month holders, whose average cost basis sits near $112.6K. This cohort ramped up spending into the move, realizing elevated losses and weighing on upside momentum. 📰http://glassno.de/3ZosaJ7

The Week On-Chain 3, 2026 #Bitcoin is consolidating in a low-volume regime, with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural. Executive Summary - On-chain structure remains fragile, with price hovering around key cost-basis levels and limited confirmation of durable long-term holder conviction. - Supply overhang persists, as recent buyers continue to face overhead resistance, constraining upside follow-through and keeping rallies vulnerable to distribution. - Spot flows have turned more constructive, with sell-side pressure easing across major venues, though accumulation remains selective rather than aggressive. - Corporate treasury activity is sporadic, characterised by isolated, event-driven inflows rather than coordinated accumulation, leaving corporates a marginal demand source. - Derivatives participation remains thin, with futures volume compressed and leverage deployment subdued, reinforcing a low-engagement market regime. - Options markets are pricing risk only at the front end, with short-dated implied volatility reacting while medium- and long-dated tenors remain anchored. - Hedging demand briefly intensified, as reflected by a spike in the put/call volume ratio, but has since normalised, signalling tactical rather than structural risk aversion. - Dealer gamma positioning has skewed lower, reducing mechanical support for price stability and reinforcing sensitivity to liquidity shocks. Read more in The Week On-Chain

#BTC has pulled back from recent highs of $98K, slipping back into the low-$90Ks. Momentum has cooled but remains above neutral, pointing to consolidation rather than trend deterioration. Read more in this week’s Market Pulse👇 https://glassno.de/4r1zbLM

The current market structure for XRP closely resembles that of February 2022. Investors active over the 1W–1M window are now accumulating below the cost basis of the 6M–12M cohort. As this structure persists, psychological pressure on top buyers continues to build over time. 📉glassno.de/3Nu6Vmu

Ethereum’s Month-over-Month Activity Retention shows a sharp spike in the “New” cohort, indicating a surge in first-time interacting addresses over the past 30 days. This reflects a notable influx of new wallets engaging with the Ethereum network, rather than activity being driven solely by existing participants. 📈 http://glassno.de/3ZaUPRQ